22.07.2009 - Abu Dhabi Islamic Bank $66mln exposed to Saad
From Thenational.ae: A direct loan of Dh245 million (US$66.7m) by Abu Dhabi Islamic Bank (ADIB) to the Saad Group, the troubled Saudi conglomerate, sheds light for the first time on an elusive side of Saad’s borrowings: its use of bank finance to make investments, many of which declined in value during the financial crisis. ADIB lent the money to Saad in 2007 to finance an investment in Makhazen Industrial Investments, a warehousing company in Abu Dhabi that never started operations, according to a document obtained by The National and verified by sources familiar with the deal........Full Article: Source
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